New Jersey now has over 100MW of solar capacity with more than 4,340 projects statewide, according to the New Jersey Board of Public Utilities (BPU). The state sees this as a major achievement as only seven years ago the total amount of installations in the state had only just reached six.
“This monumental achievement only serves to further strengthen New Jersey’s position as one of the fastest growing solar energy markets in the United States,” said Governor Corzine. “Our leadership is credited to our commitment to environmentally responsible action and a competitive market-based initiative.”
In order to increase installations and maximize capacity, New Jersey has established a program that incorporates both energy efficiency and renewable energy. The state uses a Renewable Portfolio Standard (RPS) and a Solar Renewable Energy Certificate (SREC) financing model that provides energy credits and additional long term financing for those who invest in solar.
“As we strive to meet Governor Corzine’s comprehensive Energy Master Plan goals, the NJBPU is continually looking to efficiently increase our renewable energy generation while reducing New Jersey’s greenhouse gas emissions.” said Jeanne M. Fox, president of the NJBPU. “Today, our innovative SREC financing model combined with federal tax credits and New Jersey’s Renewable Energy Portfolio requirements provide the incentives needed to continue to spur New Jersey’s solar growth.”
The BPU also recently approved innovative financing programs at three of the State’s electric utilities: Jersey Central Power & Light, Atlantic City Electric, and Rockland Electric Company.
In addition, earlier this year the Board approved Public Service Electric & Gas’s “Solar 4 All Program” to expand solar generation in its service territory. Under these programs, the State’s electric utilities may enter into long-term contracts with customers for the purchase of SRECs, which facilitates long-term financing for solar projects.